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Construction Equipment Market 2020 - Demand Analysis, Trends Outlook and Future Opportunity to 2026

Author : Ronak Bora | Published Date : 2020-09-16 

Immense growth in the residential building construction activities across countries like Russia, and UK would propel the Europe construction equipment market growth over the forecast timeframe. Furthermore, the region is anticipated to observe an increasing demand for autonomous and electric construction equipment owing to the paradigm shift towards using technologically advanced products. In addition, the growing preference of construction contractors towards renting construction machines is driving local service providers to adopt more high-quality equipment.

The growing demand for high-performance construction equipment across agricultural, mining, forestry, and industrial applications is likely to drive the global construction equipment market growth over the coming years. The increasing adoption of modern machines to decrease the growing dependency on human labor across the aforementioned applications is proliferating the market outlook. In addition, rising industrialization and urbanization throughout the world is further expected to boost product demand.

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According to a research report by Global Market Insights Inc., the global construction equipment market is likely to exceed a valuation of $160 billion by 2026.

The construction equipment industry boasts of a significantly vast product portfolio that contains machines that are designed for specific applications. The specialized designs of these devices allow their use across a number of other applications as well, creating favorable revenue growth opportunities for the market.

However, the construction and infrastructure development sector is still the most prominent growth facilitator for the industry. Several economies are increasing focusing on extensive infrastructure upgradation and development initiatives, creating more business opportunities for construction equipment sector from its core application avenue.

For instance, according to the India Brand Equity Foundation, India alone requires an investment of more than $777.73 billion in its infrastructure by 2022 to support the sustainable development of the country. Moreover, the Indian government has undertaken initiatives such as Smart City Mission, and Housing For All, which are expected to directly fuel growth of the sector. Furthermore, the government has also permitted 100% FDI in the construction sector through the automatic route, making it a lucrative playing field for prominent global industry players.

With respect to material, the concrete equipment segment is projected to grow significantly due to the rising number of road-building activities throughout the globe. This focus on improving public infrastructure is expected to push industry share over the coming years. Taking March 2019 for instance, the Indian Government sanctioned new National Highway construction projects worth more than $15.9 billion. Construction equipment like pavers and mixers, enable timely and quick completion of road building and construction projects, augmenting their demand in the industry.

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Meanwhile, increasing implementation of the product across agricultural and mining industries across Latin America is expected to foster the LATAM construction equipment market size over the coming years. Additionally, increasing accident across construction sites and the subsequent rise in worker safety concerns would be promoting the adoption of autonomous and technologically advanced construction across the Asia Pacific, fueling regional growth.

The key industry players are increasingly focusing on consolidating their foothold in the market through acquisitions, partnerships, investments, and mergers. Taking February 2019 for instance, Terex Corporation signed an agreement to sell its Demag Mobile Cranes business to the japan-based Tadano Ltd., for approximately $215 million. The takeover also included several of the company’s manufacturing facilities and sales as well as service locations to Tadano.

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The competitive landscape of the global construction equipment industry is inclusive of players such as Kobelco Construction Machinery Co., Liebherr, Zoomlion, XCMG, Sany Group, Hitachi Construction Company, Terex Group, and Komatsu among others.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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